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Demonetization effects filter into value of Kenyan shilling - 1 months ago, 18 June 21:35

Kepha Muiruri

The value of the Kenyan shilling has continued its recent slide against the US dollar breaching the Ksh.102 mark for only a second time this year, signalling renewed concerns to the wellness of the local unit.

The shilling which, for instance, averaged Ksh.102.00 to the green buck at the close of trading on Monday, remained unchanged early Tuesday owing to increased market liquidity according to reporting by Reuters.

While the excess money supply is partly attributable to increased flows from the ongoing dividend-payout season, Standard Chartered Africa Strategy Associate Eva Wanjiku ascribes the retreating shilling to an increase in the conversion of the local unit to US dollar denominated parts.

“It’s still early days but if we continue to see persistent weakness in the Kenya shilling even after the seasonality effects have gone through, then that could reflect on the increased conversions under demonetization,” she said.

Inflation

Wanjiku links increased US dollar conversions to misplaced ...
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